Gulf States Utilities Company

Company Deal

$17,000,000 first mortgage bonds 4 7/8% series due 1990

Transaction Type

First Mortgage Bonds

Deal Description

Gulf States Utilities Company used the net proceeds from this transaction to pay off short-term notes due December 31, 1960, issued under revolving credit agreements to provide funds for construction purposes. Contracts for new and additional loads and estimates of other future growth nessitated a continuation of the company's construction program. A new power station was under construction near Orange, Texas, where two 220,000 kilowatt units were being installed. An additional unit of 220,000 kilowatts was ordered for the Willow Glen Station near Baton Rouge, Louisiana.